Gather with experts in the fields of business valuation and litigation services to discuss current issues, techniques and pitfalls to avoid. Featured topics for this year’s conference include navigating “trick questions” in testimony, valuing a cannabis business, intellectual property and trade secrets in litigation, and the new CEIV credential.
CPAs, attorneys, business valuation experts, forensic accountants, appraisers and other financial professionals should attend this conference.
Registration and Breakfast
Welcome and Opening Remarks
Robert “Tim” McGee – U.S. Trust, Bank of America Private Wealth Management
The state of the economy can have a significant impact on how a business is valued. CPAs must understand the current economic climate in order to do their jobs effectively. This session will provide an overview of the current state of the domestic and global economy, and explore the implications for businesses and investors.
Detecting and Responding to Trick Questions in Testimony
James R. Hitchner, CPA/ABV/CFF, ASA – Financial Valuation Advisors
The highlight of this session will be a mock testimony with answers to “trick” questions.
- How to detect a trick question
- How to answer a trick question
- What are the rules in a deposition or trial
- File organization
- Managing the attorneys (yours and theirs)
Valuation of Intellectual Property/Trade Secrets in Litigation
Russell W. Faegenburg, J.D. - Lerner David Littenberg Krumholz & Mentlik, LLP
Jeffrey N. Press, CPA, CFF, CFE – EisnerAmper LLP
Dana Trexler Smith, CPA, CFF - EisnerAmper LLP
The presentation will focus on intellectual property damages including methodologies and key issues for practitioners to consider.
Cannabis Industry Compliance and Appraisal Nuances: Lessons Learned from Colorado
Ronald L. Seigneur, CPA/ABV, CFF, ASA, CVA, CGMA – Seigneur Gustafson LLP
This session will provide an overview of the cannabis industry, including landmark case law, recent legislative activities, and the evolution of the industry as more state and local jurisdictions implement some level of licensed cannabis business activity. Valuation of cannabis dispensaries, cultivation operations and related license rights will be addressed, focusing on the nuances and risk assessment required. The discussion leader will also touch on the lessons learned form 10 years of working with cannabis businesses in Colorado ranging from appraisal and litigation matters to income tax compliance and internal control issues.
Improving Fair Value Measurements
Nathan DiNatale, CPA/ABV, CVA, ABAR – SC&H Group
This session will discuss the new CEIV credential, requirements for obtaining and the importance of the underlying Mandatory Performance Framework.
- Identify the requirements for obtaining the CEIV
- Identify the purpose and primary goal of the framework
- Identify the documentation requirements for fair value engagements
Industry Valuation Methods, Rules of Thumb and Other (In)Sanity Checks
Donald J. DeGrazia, CPA/ABV/CFF – Gold Gerstein Group LLC
This session will discuss the fact that business owners and buyers frequently use industry methods and rules of thumb as an indication of value when buying and selling a business. They are easy to apply and understand but are they accurate?
Topics to be considered include:
- Businesses in some industries only sell based on industry methods.
- As a primary method of valuation they can get the valuator in hot water, but as a sanity check they could indicate a valuation in need of reconciliation.
- Industry methods also provide insight into what industry insiders and management think a business is worth and indicate their view of industry value drivers.
- This session will cite several industry methods and rules of thumb and compare them to more traditional methods of valuation.
- Learn sources for industry methods and rules of thumb.
Request a Reminder
Note: Online pre-registration will be closed 24 hours prior to this event.
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Registrations will be accepted at the door.
Donald J. DeGrazia, CPA, ABV, CFF
Gold Gerstein Group LLC
Donald J. DeGrazia, CPA/ABV/CFF, is a senior shareholder in Gold Gerstein Group LLC, an accounting and business valuation firm with offices in Moorestown and Voorhees, New Jersey. Mr. DeGrazia has provided testimony in matrimonial, minority stockholder, and economic damages litigation and has been qualified as an expert witness by the federal and state courts. He also specializes in federal and state, multi-state and matrimonial taxation, as well as tax nexus issues. He has chaired and been a frequent speaker and panelist at various national and international conferences and webinars as well as state and local seminars conducted by the AICPA, the NJSCPA, the PICPA, the American Bar Association, the New Jersey Administrative Office of the Courts, the International Academy of Matrimonial Lawyers and the New Jersey Institute for Continuing Legal Education covering business and professional practice valuation, forensic accounting and federal taxation.
He is a past Global Chairman of Integra International, Inc., a worldwide association of independent accounting and consulting firms. He is also a past president and remains a member of Integra's Americas, Asia & Australia and Global Boards. He is vice chairman of Liberty USO of Southeastern Pennsylvania and Southern New Jersey. He is a member of the American Institute of CPAs, the New Jersey Society of CPAs, Expert Resource Connection, LLC and is a past chairman of the Forensic, Valuation and Litigation Services Committee of the New Jersey Society of CPAs. Mr. DeGrazia is a graduate of LaSalle University.
Nathan DiNatale, CPA/ABV, CVA, ABAR
SC&H Group, Inc.
Mr. DiNatale is a partner at SC&H Group, LLC, a certified public accounting and management consulting firm where he leads the Business Valuation and Litigation Support Services group. He has over 23 years of professional experience including business valuation, fair value for financial reporting, fraud, economic damages, expert witness testimony and financial statement analysis. Nathan is extremely active with both local and national CPA Societies. He was the Chairman of the Maryland Association of Certified Public Accountants (MACPA) Forensic and Valuation Committee from 2011-2013 where he was awarded the Special Chairman’s Award for Outstanding Service and Dedication. He is the current Chairman of the AICPA’s Business Valuation Committee where he has been involved since 2012 and was recognized as the Valuation Volunteer of the Year Recipient in 2015. He currently serves on the AICPA’s FVS conference Planning Committee and has taught various courses and made numerous presentations on fair value topics. He is also a member of the Society of Italian American Businessmen (SIAB) Organization in Harford County.
Russell W. Faegenburg, J.D.
Lerner David Littenberg Krumholz & Mentlik, LLP
Russell W. Faegenburg is a partner in the firm. His practice encompasses all aspects of intellectual property litigation and counseling, with particular emphasis on patent litigation. Mr. Faegenburg has significant experience in pharmaceutical cases brought under the Hatch- Waxman Act, medical device litigation, licensing disputes and representation of electronics, communications and consumer product companies at all stages of trial and appeal. He also has a proven record of success litigating post-grant proceedings before the Patent Trial and Appeal Board, including representation of both patentees and patent challengers in Inter Partes Review proceedings.
James R. Hitchner, CPA/ABV, ASA
Financial Valuation Advisors, Inc
James R. Hitchner, CPA/ABV/CFF, ASA, is managing director of Financial Valuation Advisors, president of The Financial Consulting Group and CEO of Valuation Products & Services. Additionally, he serves as the editor-in-chief of Financial Valuation and Litigation Expert journal.
Mr. Hitchner has coauthored more than 20 courses, taught more than 60 courses, published more than 80 articles, and has made more than 180 conference/seminar presentations. He is also an inductee in the AICPA Business Valuation Hall of Fame, and was one of only four members of the initial AICPA Business Valuation Standards Writing Task Force.
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Robert Tim McGee
Managing Director, Director of Macro Strategy and Research
US Trust Company of New York
Robert “Tim” McGee is a managing director and director of macro strategy and research at U.S. Trust, Bank of America Private Wealth Management. In this role, he manages a team of analysts that research global economic trends and develops those trends into investment strategies for individual clients, institutions and foundations. He is also a member of the Global Wealth & Investment Management, a division of Bank of America Corporation, Investment Strategy Committee.
Prior to joining U.S. Trust, Mr. McGee was a strategist and economist with UFJ and Tokai Banks. Over the 2005 to 2008 years, he has been recognized by Bloomberg news, Business Week, USA Today and the Wall Street Journal for outstanding forecast accuracy, including being ranked the number one forecaster several times. He has appeared on CNBC, Reuters, and Bloomberg TV and has often been quoted in various publications like the Wall Street Journal and New York Times since 2003. He is the author of Applied Financial Macroeconomics & Investment Strategy: A Practitioner’s Guide to Tactical Asset Allocation by Palgrave Macmillan 2015.
Tim began his career in the academic world teaching at Florida State University and New York University. He also spent three years at the New York Federal Reserve Bank and one year as a fellow at the Netherlands Institute for Advanced Studies.
Tim received his B.S. from the Georgia Institute of Technology and his M.A. and Ph.D. degrees from the University of Wisconsin. Some of his memberships include the American Economic Association, the National Association of Business Economics, The Forecasters Club of New York and the Money Marketeers. Tim has served as Chairman of the American Bankers Association’s Economic Advisory Committee, president of the Forecasters’ Club of New York, Chairman of the NABE (National Association of Business Economics) Financial Roundtable and as a member of the New York City Economic Advisory Panel.
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Jeffrey N. Press, CPA, CFF, CFE
Jeffrey N. Press is a Director in the Forensic, Litigation and Valuation Services Group. He has nearly 15 years of experience providing forensic accounting services, including expert testimony. Jeff’s focus is on litigation consulting and forensic accounting investigations, and he works with attorneys, public and private companies, and individuals. His consulting and forensic accounting matters have encompassed a wide array of matters involving economic damages in complex commercial disputes, intellectual property infringements, shareholder disputes, and investigations of financial fraud.
Prior to joining the firm, Jeff was with a national accounting and consulting firm providing litigation consulting and forensic accounting services. He has testified in complex commercial disputes in federal district court.
In addition, Jeff conducts continuing professional and legal education programs in the areas of forensic accounting, the quantification of commercial damages, and the use of financial experts in litigation.
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Ron Seigneur, CPA, ABV, CFF
Seigneur Gustafson LLP
Ron is Managing Partner of Seigneur Gustafson LLP, based in Lakewood Colorado, where he is responsible for financial forensics, economic damages assessments, business and intellectual property valuation, exit planning and related litigation support services. He is co-author of Financial Valuations: Applications and Models, published by John Wiley & Sons and Reasonable Compensation: Applications and Analysis for Management, Valuation and Tax, published by Business Valuation Resources. Ron is also the editor of the just released Law Firm Valuation Guide by BVR.
He has been an adjunct professor at the University of Denver, Strum College of Law for over 25 years, where he teaches law firm finance, leadership and management classes and is also an adjunct at the Daniels College of Business where he teaches a graduate business appraisal course. Ron has a BA from Michigan State University and an MBA from the University of Michigan. He is a fellow of the College of Law Practice Management, an ABV Hall of Fame inductee, a charter member of the AAML Forensic and Valuation Services Division, a member of the Downtown Denver Partnership Distinguished Clown Brigade, and a frequent speaker and author on valuation, economic damages, leadership, cannabis industry matters and other professional firm practice management topics. Ron is currently writing a children’s book on the Sayings of our Elders with his daughter, Chelsea.
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Dana Trexler Smith, CPA, CFF
Dana Trexler Smith is EisnerAmper’s Philadelphia Financial Advisory Services practice leader where she specializes in providing expert testimony on damages in complex commercial and intellectual property disputes, performing forensic investigations, and conducting contract compliance engagements.
Ms. Trexler Smith’s dispute experience includes assessing damages in litigation and arbitration matters for both plaintiffs and defendants in disputes involving alleged patent infringement, theft of trade secrets, breach of contract, post-acquisition earn-out and payment calculations, breach of employment agreements, business interruption losses, and insurance claim negotiations. Ms. Trexler Smith has evaluated and prepared economic damages in the form of lost profits, price erosion, unjust enrichment, reasonable royalties, diminution in value, and cost recovery in a variety of industries including: technology, pharmaceutical, biotechnology, medical devices, professional services, financial services, and manufacturing. Ms. Trexler Smith has also provided economic analysis utilized in injunction hearings.
Ms. Trexler Smith’s forensic investigation experience includes leading and participating in both investigative and forensic accounting projects related to allegations of financial reporting fraud; management and/or employee embezzlement schemes; health care fraud and abuse; and violations of anti-corruption regulations, including the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act. Ms. Trexler Smith is also experienced in performing integrity due diligence in connection with various acquisitions, investigations, and vetting potential business partners to identify risk relevant information related to the activities, background, reputation, relationships, and incidences of corruption.
Ms. Trexler Smith’s contract compliance experience includes examining the underlying records supporting payments made under licensing agreements, supply agreements, manufacturing agreements, tolling agreements, and profit-sharing arrangements, where the payment terms are based on a metric under the control of one party in the agreement (e.g. net sales, net units shipped, actual manufacturing costs, etc.), to assess compliance with the payment terms under the agreement. Representative industries in which Ms. Trexler Smith has performed contract compliance examinations include: technology, pharmaceutical, biotechnology, medical device, security services, and manufacturing.
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